Investors sue, say 3 banks allowed fraud

Claim they should have known Galemmo money routed to wrong account

10:58 PM,
Feb. 25, 2014

Galemmo

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Investors bilked by former Cincinnati money manager Glen Galemmo are suing three banks in hopes of recouping more than $400,000 they lost in the yearslong Ponzi scheme.

Four investors, who live in Ohio and Kentucky, filed the suit last week in Hamilton County Common Pleas Court against Fifth Third Bank, PNC Bank and U.S. Bank. The investors say that checks they wrote to Galemmo's Queen City Investments weren't deposited into that fund's bank account, but rather were inappropriately deposited into an account belonging to a third party.